IMF Chief Economist: Pakistan has not approached IMF

"In this environment, economic growth will likely slow significantly, and inflation will rise", he said in a statement.

The UK economy, meanwhile, is expected to grow 1.4 percent this year and 1.5 percent in 2019 - falling behind nearly all of Europe, with the exception of heavily-indebted Italy.

The IMF warns that risks highlighted in previous reports "have become more pronounced or have partially materialised" in the real world. In this worst-case scenario, the USA economy will take a significant hit.

The report warned that growth "may have peaked in some major economies". Growth has proven to be less balanced than we had hoped.

The worldwide organisation warned a full-blown trade war between the U.S. and China could have wider implications for the financial growth around the world.

The latest of these exchanges saw US President Donald Trump impose a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to 25 percent by the end of 2018.

While the damage from an all-out trade war wouldn't be catastrophic, slow growth can also pose problems. "Mechanisms of multilateral global policy cooperation are under strain, notably in trade, and need strengthening". "The negative revisions for emerging market and developing economies are more severe, at minus 0.2 and minus 0.4 percentage point respectively for this year and next year".

For next year, trade is seen growing just four per cent, a half point less than the prior forecast.

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Prime Minister Imran Khan, during a press conference on Sunday, blamed the country's economic woes on the previous government and said the country "may go to International Monetary Fund for loan to handle (its) financial issues".

"The risks of a slowdown in global growth have increased over the past six months, and the potential for unexpected improvements has decreased", the report said.

The IMF has lowered its forecast for global growth this year and next.

However, the International Monetary Fund cautions that it has a "poor track record of predicting recessions".

It said the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July. It left 2018 growth forecasts for the two countries unchanged at 2.9 per cent for the United States and 6.6 per cent for China.

The government is seeking to curb spending, while the central bank has raised interest rates to the highest in three years to help shore up confidence in the economy.

The organisation added that the ongoing Brexit negotiations had also created "pervasive uncertainty" about future trade costs.

The IMF revised its previously-released 2019 growth forecasts for China and the United States after taking into account the trade war's full impact.

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